New ACE Market listing Enproserve rises 8% at open
The company, which had raised RM50.4mil via an initial public offering (IPO) to fund its expansion, was bought up to 26 sen a share in pre-opening trade, two sen higher than its float price.
As at 10am, the share had risen four sen or 16.67% above its IPO price to 28 sen a share after 44.68 million shares traded, making it the second most active stock on the Malaysian market.
Of the RM50.4mil raised from the public issue, Enproserve has allocated RM23.68mil or 47% towards capital expenditure including RM9.16mil for new machinery and equipment, RM9mil for lorries and a mobile crane, and RM5.5mil to set up a crane depot facility.
It said this is to better serve its ongoing and upcoming contracts without denting margins, and to reduce reliance on leasing.
Another RM11.65mil or 23% from the IPO proceeds has been set aside for the repayment of bank borrowings, which is expected to reduce the group's net gearing ratio from 1.07 times to 0.50 times.
The group has also earmarked RM10mill or 20% of the proceeds for working capital, while the remaining RM5.03mil or 10% will be used to cover listing expenses.
On Wednesday, Enproserve reported a net profit of RM4.17mil on revenue of RM46.78mil, and an earnings per share of 0.5 sen for the first quarter ended March 31, 2025.
There are no comparative results from the previous year given this is the company's first interim financial report announced in compliance with Bursa Malaysia's listing requirements.
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